Mortgage Payment · Canada
Mortgage Payment Calculator (2026)
Work out your Canadian mortgage payment for any payment frequency, see the CMHC insurance premium you'd pay with less than 20% down, and read off the total interest and full amortization schedule. Every rate and threshold is read from the same versioned dataset our methodology cites, so you can audit the numbers end to end.
Last verified: Effective for Canadian mortgages, 2026 by Fiscal Moose
- Compounding
- Semi-annual
- Min. down
- 5% to $500k
- Insurable cap
- Under $1.5M
Your mortgage
Your payment
- Your monthly payment
- $1,742.45
- Total interest
- $122,734.26
- Total of payments
- $522,734.26
- Mortgage principal
- $400,000.00
- Effective amortization
- 25 years
CMHC mortgage insurance
No insurance required: your down payment is at least 20% of the purchase price.
Show amortization schedule (300 payments)
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,742.45 | $995.94 | $746.51 | $399,004.06 |
| 2 | $1,742.45 | $997.80 | $744.65 | $398,006.26 |
| 3 | $1,742.45 | $999.66 | $742.79 | $397,006.60 |
| 4 | $1,742.45 | $1,001.53 | $740.92 | $396,005.07 |
| 5 | $1,742.45 | $1,003.40 | $739.05 | $395,001.67 |
| 6 | $1,742.45 | $1,005.27 | $737.18 | $393,996.40 |
| … 288 more payments … | ||||
| 295 | $1,742.45 | $1,723.07 | $19.38 | $8,662.95 |
| 296 | $1,742.45 | $1,726.28 | $16.17 | $6,936.67 |
| 297 | $1,742.45 | $1,729.50 | $12.95 | $5,207.17 |
| 298 | $1,742.45 | $1,732.73 | $9.72 | $3,474.44 |
| 299 | $1,742.45 | $1,735.97 | $6.48 | $1,738.47 |
| 300 | $1,741.71 | $1,738.47 | $3.24 | $0.00 |
Estimate only. Not financial advice. Assumes interest compounded semi-annually, per Canadian convention. Excludes property tax, heating, condo fees, the mortgage stress test, and prepayment privileges.
Canadian mortgages compound interest semi-annually
This is the detail most calculators get wrong. By law (the Interest Act), interest on a Canadian fixed-rate mortgage is compounded no more than twice a year, not monthly. So a 5% mortgage isn’t 5% ÷ 12 each month; the effective monthly rate is (1 + 5% ÷ 2)1/6 − 1 = 0.41239%, slightly lower. On a $400,000 mortgage over 25 years that’s a payment of $2,326.42 a month, versus about $2,341 if you (wrongly) compounded monthly. The gap is real money over 25 years, so this calculator does the semi-annual conversion the way Canadian lenders actually do.
Accelerated payments pay your mortgage off faster
With accelerated bi-weekly payments you pay half your monthly payment every two weeks: 26 payments a year, which works out to one extra monthly payment annually. Accelerated weekly is a quarter of the monthly payment, 52 times a year. Either one shortens a 25-year amortization by roughly three and a half years and saves tens of thousands in interest, because more of every payment goes to principal. The calculator shows the effective amortization and the months you save for each frequency, so you can compare them directly.
CMHC insurance when you put down less than 20%
If your down payment is under 20% of the purchase price, your mortgage must be insured. The premium is a percentage of the loan that rises as your down payment shrinks (see the table below), and it’s added to your mortgage principal: you pay interest on it over the whole term. Homes priced at $1.5 million or more need at least 20% down and can’t be insured at all. A 30-year amortization on an insured mortgage is only available to first-time buyers or buyers of newly built homes; everyone else is capped at 25 years insured. The calculator applies all of these rules and flags when a mortgage isn’t eligible.
What this calculator leaves out
This is a payment calculator, not an affordability test. It doesn’t apply the mortgage stress test (the qualifying rate), and it excludes property tax, heating, condo fees, and prepayment penalties. For the stress test and the debt-service ratios lenders use, see our mortgage affordability calculator. For your other registered accounts, see our RRSP calculator, TFSA calculator, and FHSA calculator.
CMHC mortgage insurance premium by down payment
The premium you pay for mortgage default insurance depends on your loan-to-value ratio: the smaller your down payment, the larger the loan relative to the home, and the higher the premium. These are the current CMHC Purchase premium rates the calculator applies. An amortization longer than 25 years adds a 0.20% surcharge.
| Loan-to-value (down payment) | Premium (% of loan) |
|---|---|
| Up to and including 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
Minimum down payment in Canada
The minimum down payment is 5% on the portion of the purchase price up to $500,000, 10% on the portion between $500,000 and $1.5 million, and 20% on homes priced at $1.5 million or more (which are not insurable). For an $800,000 home, that’s 5% of the first $500,000 plus 10% of the next $300,000, which is $55,000. The calculator computes this minimum for your price and warns when your down payment falls short. The 2.25% rate default is the Bank of Canada policy rate, an editable starting point only; enter the rate your lender quoted you for a realistic payment.
Sources and methodology
Sources
Known limitations
- Assumes the standard Canadian fixed-rate mortgage convention: interest compounded semi-annually, not in advance. Some variable-rate products may quote or compound differently; this calculator does not separately model variable-rate compounding or trigger-rate mechanics.
- This is a payment calculator only. It excludes the mortgage stress test / qualifying rate, property tax, heating, condo fees, and the GDS/TDS debt-service ratios; those belong to the affordability calculator (tool #5).
- Excludes prepayment privileges and penalties (interest-rate-differential or three-months-interest), renewal, and refinancing.
- CMHC premiums in Ontario, Quebec, and Saskatchewan are subject to provincial sales tax, paid at closing; that PST is not added to the premium figure here.
- The standard CMHC premium is applied to all down payments (traditional sources). A borrowed or non-traditional down payment at 90.01–95% loan-to-value is charged a higher 4.50% premium (vs the 4.00% shown); the calculator flags this in the insurance panel for the affected loan-to-value rather than applying the higher rate automatically.
- The rate field defaults to the Bank of Canada policy rate purely as an editable starting point; it is not a lender mortgage rate, and real mortgage rates are typically higher. Enter the rate your lender quoted to get a realistic payment.
- The CMHC premium rates and minimum-down-payment thresholds are taken from CMHC and the Financial Consumer Agency of Canada; re-confirmed verbatim against the live pages 2026-07-06.